Artificial intelligence technology has taken the world by storm – and the potential of AI goes beyond ChatGPT and content generation. Groundbreaking developments show AI’s possibilities in every industry, from healthcare to banking. But with every step forward comes a step back as critics voice valid concerns about how far technology will go to replace humans. These growing fears mean organisations using AI may need to consider comprehensive insurance to future-proof innovation.
Despite scepticism, companies can’t ignore AI and may need to adopt new technologies to reduce costs and compete. So, this month, we’re taking a deep dive into 13 startups innovating in the AI space – from voice cloning to data management and mechanical engineering.
Builder.ai
Builder.ai was created by founders, for founders. While tech has long been a barrier to entrepreneurs with a no-code background, Builder.ai’s handy generative AI bot, Natasha, can build your app from scratch without you writing a single line of code. Whether you run a local flower delivery business or a massive online fashion brand, describe your project to Natasha and watch her build your custom app in a fraction of the time. Led by Chief Wizard Sachin Dev Duggal, Builder.ai has already helped some of the most recognisable companies in the world create market-ready apps – from the BBC to Pepsi and Fujitsu. So it’s no surprise that investors are keen to get a slice of the AI pie, and their recent Series D funding round closed at $250 million in May 2023.
ElevenLabs
Self-proclaimed as the ‘most realistic’ text-to-speech software, ElevenLabs could change the game for AI storytelling forever. Founded in 2022 by close friends Piotr Dabkowski and Mati Staniszewski (with the likes of Google and Palantir on their CVs), ElevenLabs offers one of the first AI voice cloning softwares to successfully grasp the logic and emotion behind human speech. And investors, including a16z and Nat Friedman, are clearly impressed, with the startup raising $19 million in its most recent funding round in June. The technology does not come without controversy, though – and many are raising concerns about using AI voice-cloning for insidious purposes, like musical copyright infringement and convincing online scams. But ElevenLabs stick by their promise to promote ethical AI – and we’re excited to see what they achieve!
LifeScore
Ever wondered what your life would be like if you were in a movie? LifeScore can provide the backing track. Funded by Octopus Ventures and Warner Music (amongst others), LifeScore’s AI creates adaptive music from original recordings to suit the context and needs of the listener. So far, the technology is used for everything from everyday streaming to scoring unique experiential soundscapes for events and immersive experiences.
Papercup
It’s always exciting to see a company succeed – especially when they’re one of your clients! Founded in 2017 and backed by some of the biggest names in venture capital, Papercup is on a mission to make video and TV content more accessible to viewers around the world with AI translation and dubbing software. They’re already making waves in a $100 billion industry. Their recent case study with Sky News saw a broadcast about the war in Ukraine translated into Latin American Spanish in real time and reached over two million viewers. The service is only currently offered in English, Spanish, Portuguese, and Italian – and after closing Series A funding last June with $20 million, you can expect their language capabilities to continually grow.
PolyAI
There’s nothing worse than phoning up customer support only to be met with an unnatural-sounding, pre-recorded voice on the other end of the line. But with PolyAI, poor customer service is a thing of the past – their AI-powered ‘human-like’ voice assistants can interact like a real person. They’re already answering calls for FedEx, Marriott Hotels, and Starling Bank – resolving 50% of customer queries. PolyAI recently came out ahead of more than 800 submissions to be named as part of Forbes’ prestigious AI 50 – so when it comes to innovation, they’re definitely not phoning it in.
Quantexa
Closing their latest funding round in April 2023 with $129 million, Quantexa secured their status as an AI unicorn with a valuation of $1.8 billion. They work with some of the biggest financial institutions around the world, from HSBC to KPMG, to provide AI-powered decision-making support and customer data management that prevents fraud and identifies credit risks. And with hubs across three continents, it’s safe to say Quantexa is on its way to becoming a global technology leader.
Robin AI
Robin AI promises to take the grunt work out of the legal industry. How? They’re using machine learning and human regulators to cut the time and money needed to draft and review legal documents by up to 80%. Robin AI is partnered with Anthropic – a global artificial intelligence research company (backed by Google Cloud) and rival to industry titan, OpenAI, so we know they mean business. Having secured $10.3 million from their Series A funding round in February of this year, founder and chief executive Richard Robinson and his team have even bigger plans to expand over the next decade.
Stability AI
Valuated at $1 billion following its $101 million raise last October, Stability AI is one of the loudest names in the industry right now (and, as it happens, one of our clients). The company shot to fame by harnessing groundbreaking text-to-image generative AI technology and has since expanded into audio and video creation. Their list of products already includes notable tools like Stable Diffusion and Dream Studio. And reports from early 2023 suggest the team are seeking to raise further investment at a valuation of $4 billion – there’s no telling what heights they might soon reach.
Synthesia
A self-proclaimed leader in the AI video generation space, Synthesia is another industry unicorn. Specialising in creating realistic human avatars to deliver workplace presentations and training videos, the tool promises to save users thousands of dollars and countless hours while boosting viewer engagement. They closed Series C funding in June, having raised $90 million led by Accel – oh and did we mention they’re a Capsule client?
Tractable
Combining computer vision and deep learning, Tractable uses AI to conduct detailed visual assessments of your car or property from the comfort of your home. From this, their technology can identify faults, breaking them down by damage severity and estimate repair costs. Tractable is already being applied on a global scale, with an impressive client roster that includes Aviva and Admiral. And it’s showing its value beyond residential insurance – the United Nations recently used Tractable’s technology for disaster recovery in Fiji following a series of extreme weather events. The startup achieved unicorn status in 2021 and recently closed a $65 million funding round led by SoftBank in July 2023.
Unitary
Content moderation is a growing concern for social media companies, and AI technology like Unitary is more vital than ever. Led by co-founder and chief executive Sasha Haco, their bots can comb through five billion hours of video every day, identifying and flagging harmful content without human moderation. And their importance is already apparent, with Unitary reporting 29 million instances of child abuse. In March of this year, they were able to secure additional seed funding of $8 million (investors include big names like Songkick and Meta) to seal future partnerships and expand their team.
Wayve
Self-driving cars may once have been a thing of science fiction – but with technology like Wayve, they’re fast becoming a present possibility. Combining machine learning with camera sensors fitted to the outside of their vehicles, Wayve has gone beyond traditional self-driving technology, which previously relied solely on digital maps and coding. Don’t trust it? Bill Gates took a test ride in a self-driving Wayve car around London earlier this year – and lived to tell the tale. With $200 million raised in their last round of investment, their technological capabilities are set to go from strength to strength.
Xapien
We don’t need to tell you that the internet is a messy and confusing place. With so much conflicting information uploaded daily, it can be hard to separate fact from fiction. Meet Xapien, the ‘ChatGPT of due diligence’. AI and natural language processing automate detailed background research on individuals and companies so you’ll know exactly who you’re dealing with, whatever the context. In April 2023, they closed their latest seed funding round with £4.5 million, with notable backing from YFM Equity Partners and the D2 Fund. This investment will be used to accelerate product development and extend to the US market.
Got an idea you’re ready to launch?
The potential of AI is still largely unexplored – there’s no better time to turn your idea into reality. And if you’re ready to take the next step, Capsule is here to support you.
We’re dedicated to sourcing bespoke insurance for ambitious, high-growth startups. Whether you’re taking your product to market or still brainstorming, we can provide the right cover to suit your needs. Get in touch today to find out more.